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2149
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MARVIN MANDEL, Governor
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BY adding to
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Article - Commercial Law
Section 14-1102 and 13-301(12)(vi)
Annotated Code of Maryland
(1975 Volume and 1976 Supplement)
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SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That Section 14-1102 of Article - Commercial
Law, of the Annotated Code of Maryland (1975 Volume and
1976 Supplement) be and it is hereby repealed.
SECTION 2. AND BE IT FURTHER ENACTED, That new
Section 14-1102 be and it is Sections 14-1102 and
13-301(12)(vi) be and they are hereby added to Article -
Commercial Law, of the Annotated Code of Maryland (1975
Volume and 1976 Supplement) to read as follows:
Article - Commercial Law
14-1102. IN GENERAL
(A) (1) IN THIS SECTION THE FOLLOWING WORDS HAVE
THE MEANINGS INDICATED.
(2) "PERSON" MEANS AN INDIVIDUAL,
CORPORATION, OR ANY OTHER BUSINESS ORGANIZATION.
(3) "CONSUMER" MEANS A NATURAL PERSON WHO
SEEKS OR ACQUIRES GOODS OR SERVICES FOR PERSONAL, FAMILY,
OR HOUSEHOLD USE.
(4) "CREDITOR" MEANS A PERSON WHO, IN THE
ORDINARY COURSE OF BUSINESS, LENDS PURCHASE MONEY OR
FINANCES THE SALE OF GOODS OR SERVICES TO CONSUMERS ON A
DEFERRED PAYMENT BASIS IF THAT PERSON IS NOT ACTING, FOR
THE PURPOSES OF A PARTICULAR TRANSACTION, IN THE CAPACITY
OF A CREDIT CARD ISSUER.
(5) "PURCHASE MONEY LOAN" MEANS A CASH
ADVANCE WHICH IS RECEIVED BY A CONSUMER IN RETURN FOR A
"FINANCE CHARGE" WITHIN THE MEANING OF THE TRUTH IN
LENDING ACT AND REGULATION Z, WHICH IS APPLIED, IN WHOLE
OR SUBSTANTIAL PART, TO A PURCHASE OF GOODS OR SERVICES
FROM A SELLER WHO (I) REFERS CONSUMERS TO THE CREDITOR OR
(II) IS AFFILIATED WITH THE CREDITOR BY COMMON CONTROL,
CONTRACT, OR BUSINESS ARRANGEMENT.
(6) "FINANCING A SALE" MEANS EXTENDING
CREDIT TO A CONSUMER IN CONNECTION WITH A "CREDIT SALE"
WITHIN THE MEANING OF THE TRUTH IN LENDING ACT AND
REGULATION Z.
(7) "CONTRACT" MEANS ANY ORAL OR WRITTEN
AGREEMENT, FORMAL OR INFORMAL, BETWEEN A CREDITOR AND A
SELLER, WHICH CONTEMPLATES OR PROVIDES FOR COOPERATIVE OR
CONCERTED ACTIVITY IN CONNECTION WITH THE SALE OF GOODS
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